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of <h1>ITAT rules assessment for AY 2021-22 should be u/s 153C, quashes order due to incorrect application.</h1> The article discusses a decision by the Income Tax Appellate Tribunal (ITAT) regarding the correct application of Section 153C of the Income Tax Act, 1961, which pertains to assessing the income of third parties after search and seizure operations. The core issue was whether the assessment for the Assessment Year (AY) 2021-22 should have been conducted under Section 153C instead of Section 143(3), based on documents seized on 03-10-2022. The ITAT ruled that the assessment should have been under Section 153C, as the six-year limitation period starts from the date the Assessing Officer receives the seized documents. Consequently, the assessment order for AY 2021-22 was quashed.
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